Indian crypto exchange CoinSwitch Kuber raised $260M in Series C funding round
One of the leading Indian cryptocurrency exchanges, CoinSwitch Kuber is joining the unicorn club following the latest fundraising of $260 million in a Series C round.
According to the official announcement from the exchange on Oct. 6, the new funding has propelled CoinSwitch Kuber to the very top of Indian unicorns as the firm became India’s most valued crypto company at $1.91 billion.
The latest funding round was led by Coinbase Ventures and Andreessen Horowitz. Previous investors including Sequoia, Paradigm, Ribbit, and Tiger Global also have participated in the round.
The exchange is planning to use funds to onboard 50 million Indians on the platform and introduce new services like lending and staking. The exchange also expects to launch an institutional-grade product as well as support more diverse investment options. Other planned initiatives include an innovation fund a crypto education hub for crypto.
“Every evolution takes a leap of faith, we are taking a giant one today with CoinSwitch Kuber turning into a unicorn and becoming the largest crypto company in the country,” said Ashish Singhal, CoinSwitch Kuber co-founder and CEO.
CoinSwitch Kuber is one of the largest crypto exchanges in India alongside platforms like WazirX and CoinDCX. Since its launch in 2020, CoinSwitch Kuber has managed to amass 10 million users as of September 2021. The exchange previously raised $25 million from investors including Tiger Global in a Series B round in April, following a $15 million Series A round in January.